Alaska Airlines reports Q1 net income of $44m

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Alaska Air Group, parent company of Alaska Airlines, reports record net income of $44 million for the first quarter of 2013, up 57% from $28 million during the same period last year.

Including mark-to-market fuel hedge adjustments, the Seattle-based company's income was $37 million, down 10% from $41 million last year.

"Our record performance in what is seasonally our weakest quarter is due to steady demand that kept pace with our growth, and to the many changes we've made to improve our business over the last several years," Alaska Air Group chief executive Brad Tilden says in a statement. "We're facing increased competition in certain markets, and we will closely monitor the environment and continue to adjust our plans to appropriately address these challenges."

During the quarter, Alaska started service between San Diego and Boston and between Seattle and Salt Lake City.